CHICAGO - First Colonial Bankshares Corp. said it had reached definitive agreement to buy two Illinois banking companies-Hi-Bancorp Inc. and GNP Bancorp Inc. - for $24 million in cash.

Hi-Bancorp has $87 million of assets and owns Bank of Highwood. GNP has $75 million of assets and owns New Century Bank of Mundelein. First Colonial's assets total $1.6 billion.

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